Estonia

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The first half of 2021 showed Estonia to be another post-pandemic success story. Record high investment flooded into the ICT sector, while strong purchasing power and a rapid revival in foreign trade are the pillars of economic growth. We expect the economy to grow by 7.8% in 2021. Even by the middle of the year, the country’s pre-pandemic level of output had been exceeded. Future growth will be driven by production expansion, steady consumer demand, rising investment, a strengthening position on the foreign market and further digital transformation.
        FORECAST*
Main Economic Indicators201820192020202120222023
Population, 1000 persons132213271329...
GDP, real change in %4.14.1-3.07.83.63.0
GDP per capita (EUR at PPP)245702576025380...
Gross industrial production, real change in %4.76.7-6.1...
Unemployment rate - LFS, in %, average5.44.46.86.55.84.9
Average gross monthly wages, EUR131014071448...
Consumer prices, % p.a.3.42.3-0.63.63.52.4
Fiscal balance in % of GDP-0.60.1-5.6-4.0-2.0-1.0
Public debt in % of GDP8.28.619.0...
Current account in % of GDP0.82.5-0.3-3.7-0.5-0.2
FDI inflow, EUR m103927183055...
Gross external debt in % of GDP78.276.391.1...


Basic data are continuously updated.

* Forecasts are changed beginning of April, July and November.
See Press Conferences.

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Executive summary

Vasily Astrov
in: Recovery Beating Expectations
wiiw Forecast Report No. Autumn 2021, October 2021 , pp. I-VI
Details

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Monthly Report No. 7-8/2021

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Maryna Tverdostup
wiiw Monthly Report No. 7-8, July-August 2021
42 pages including 4 Tables and 15 Figures

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